If you’ve followed real estate at all in 2021, then you know that we’ve seen unprecedented growth and demand. Now heading into the new year, everyone is wondering what the housing market will do in 2022.
Is real estate in a bubble? Will the market crash? Is 2022 real estate going to be even bigger than 2021? Of course, there’s no way to answer these questions with 100% certainty since no one is psychic.
For questions like these, it is best to rely on the opinion of experts. Winston Delony is a Chicago-based real estate investor with a passion for entrepreneurship. He is a self-made man and has years of experience in real estate meaning he has seen it all.
I sat down and interviewed Winston Deloney in order to gain his expert opinion on how to approach real estate in 2022.
Everyone’s wondering the big question, will the housing market crash in 2022? What are your opinions on this?
No of course it isn’t going to crash. It won’t crash in 2022, it won’t crash in 2023 and it won’t crash for the foreseeable future unless something catastrophic happens to the market.
2021 was unparalleled. I don’t think I’ll ever see a housing market like that again in my lifetime. However, I do think 2022 will continue to be a strong seller’s market. Maybe not as much as 2021 was, but I don’t think the market is going down anytime soon.
It all depends on your definition of normal. I wouldn’t expect a bidding war to take place on every single property you put up for sale but I also wouldn’t be surprised if one were to occur. Demand is still going to be high; people still want homes and all of these new businesses are still going to be looking for real estate.
What do you think is the most dangerous thing every real estate investor should be watching out for in 2022? What do you think will sink a lot of ships?
This is a simple one to answer. FOMO. Just like every year previous to 2022, the fear of missing out is going to cost a lot of people money.
They’re going to overpay or they’re going to sell too early. Approach 2022 like it is any other year, stay cool and collected, and make decisions based on business, not emotion.
Yep. I believe they will. I don’t think they’ll rise and boom like they did in 2021 of course but I think there is room for the prices to grow. It’s important to remember that real estate is a local business, so what the prices do will depend heavily on where you are conducting business.
What is one thing you’re doing or are going to do in 2022, that you think others should do, but aren’t?
Prepare your properties for sale now, not later. I’m already in the midst of so many repairs and upgrades. There is a labor shortage heading into 2022, and all of these companies are being booked to the gills. It will be worse when 2022 starts, so do not wait or you won’t be ready to sell until mid-spring.